Ethereum Classic (ETC) is a promising blockchain with a lot of potential. In fact, technology wise it is not much different than Ethereum (ETH) and it has a fixed supply like Bitcoin (BTC). The price is currently trading slightly above the 61.8% Fibonacci extension level, but if it slides below it like we expect it to during the upcoming correction, the end result of such a decline would be ETC/USD at $1! To think that we can buy a cryptocurrency like Ethereum
Classic (ETC) for one dollar goes on to show how far this bear trend has gone. When it comes to investing in cryptocurrencies, some investors look for coins that will make a quick short term gain but others look for better long term investments.
If we take Ethereum Classic (ETC)’s previous trading history into account, it has not been a very promising cryptocurrency from an investment standpoint. In fact, it lost out on most of the gains made during different bull cycles. This led to ETC/USD being increasingly perceived as a scam or a dead coin that people were only interested in getting rid of. Well, for a time it might have been true because the Ethereum (ETH) hard fork left a lot of people with big bags of Ethereum Classic (ETC) which they wanted to cash out at as high a price as possible because they had no reason to believe Ethereum Classic (ETC) would survive. When most of the miners and developers switched to the new chain (ETH), it was unclear what the fate of Ethereum Classic (ETC) might be.